Mayor’s office moves to keep Owens Corning in Toledo - Toledo News Now, Breaking News, Weather, Sports, Toledo

Mayor’s office moves to keep Owens Corning in Toledo

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TOLEDO, OH (Toledo News Now) -

The mayor's office has presented Toledo City Council with three pieces of legislation, aimed at having Owens Corning (OC) extend its stay at its world headquarters building by an additional 15 years.

There are currently 1,250 people working there, and the company anticipates adding 50 jobs over the next three years. Council will consider extending the existing tax increment financing agreement by another eight years, a deal which was critical for the initial financing of the building.

The deal calls for a transfer of land consisting of the world headquarters site, currently owned by the city, if the company remains on the site for 15 additional years. If approved, the city would agree to repave the public road in front of the building in 2015 with help from the State of Ohio.

Mayor Bell says keeping OC is a must to help small business development in the downtown area.

 "I can only imagine if they decided to go someplace else what we'd be facing in the next few years," Bell said. "This is a very, very big issue for the City of Toledo and being able to keep 1,250 jobs."

Council will hold a committee hearing to review the proposed agreement on Thursday, Oct. 24 at 3 p.m. at One Government Center. A vote by council is anticipated on Oct. 29.

See the legislation documents:

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